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Accountants, doctors and other should be excluded from the coverage of claims handling as a financial service and insurers should be allowed to continue giving ‘factual statements’ to claimants, according to the Financial Services Council.
Growing financial advice practices to gain scale to meet the challenging new environment is being made harder by bank lending policies.
Financial advice may have received a lot of bad publicity but it has proved to be only a minor issue in the context of 20 class actions faced by the major banks.
Despite the insistence of a key Federal Parliamentary Committee, IFM Investors has steadfastly declined to reveal how much it pays its investment executives, even when they’ve left the company.
Strong rules need to be written to ensure that financial advice given by insurance companies or their representatives at claim time is clearly recognised for what it is – not independent advice, according to the Financial Planning Association.
